Australia's biggest bank scraps CEO's bonus

Under CEO Ian Narev's watch, the bank is accused of systematically failing to monitor suspicious transactions totalling over A$77 million, and failing to act promptly on police instructions to suspend suspicious accounts.

PHOTO: REUTERS

Melbourne

COMMONWEALTH Bank of Australia on Tuesday scrapped its chief executive's bonus for damaging the bank's reputation amid allegations it broke money-laundering and counter-terrorism financing laws, but said he retained the board's confidence.